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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What is going on with student loans?[/quote]

Nothing. Payment resumes in two weeks.[/quote]

Not gonna happen. It will be extended.

The Dept of Ed is in the process of transferring servicers from FedLoan to MOHELA. For example, I received a letter from FedLoan today that I will be transferred to MOHELA on August 30. It's taking MOHELA 4-6 weeks to get loans to show up in their systems and for borrowers to create their MOHELA accounts/login info.

There is no way I will be able to make a student loan payment by September 30 (the date when the first payment is due after the pause).

Biden will extend the pause until 1Q2023 and blame it on the servicer switch.[/quote]

I think you're right that the pause will be extended but what you're saying isn't how these loan servicers work. If payments resume while transferring your loan you're much more likely to login and find your account in default or a billing notice for $4k/month[/quote]

You're absolutely right in that's what they would do. However, its not going to happen because Biden will delay the payment restart date and blame the servicers. It is what it is. The new servicer absolutely cannot manage the migration of the loans for tens of millions of borrowers and restart payments at the same time. It really is not feasible from technical, paperwork, and manpower perspectives.[/quote]

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